In addition to financial aid, the federal government offers tax benefits to families paying educational costs. These benefits, which have been enhanced as a result of the Economic Stimulus Package, are in the form of tax credits and deductions.
College students and their parents should take advantage of these benefits, which can add up to a significant savings. If you have questions regarding these credits and deductions, contact a tax professional or visit irs.gov.
Additional information regarding tax benefits may be viewed in the Tax Breaks to Help You Save section of the National Association of Student Financial Aid Administrators NASFAA website.
•1098-T tax documents for 2019 were mailed to the student's preferred mailing address in late January and are also available online. Students may download the 1098-T form by logging into EC Online Services.
• To access your 1098-T, choose the ‘Tax Information' tab and opt to receive your 1098-T in an electronic format. Once you opt into receiving your form electronically you can download your 1098-T statement.
•Please refer to your tax advisor with specific questions related to the 1098-T or tax filing requirements. For more information regarding tax documents, please visit www.irs.gov.
•Student 2019 W-2 tax documents were mailed to the student's mailing address in ADP in late January and are also available online. Students may access their W-2 on their ADP account.